Life insurance industry grows by 177%

Robust growth by country's largest insurer LIC and private players led by ICICI Prudential pushed the life insurance sector growth to 177 per cent during April-July this fiscal.

PTI|

Sep 12, 2006, 03.30 PM IST

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NEW DELHI: Robust growth by country's largest insurer LIC and private players led by ICICI Prudential pushed the life insurance sector growth to 177 per cent during April-July this fiscal.

Helped by an expanding insurance market, 15 life insurers mopped up Rs 18,096 crore in the first four months of 2006-07 as compared to Rs 6,522 crore collected in the same period last fiscal, according to data compiled by regulator IRDA.

Life Insurance Corporation maintained its recent high growth tempo, clocking 182 per cent increase in premium income at Rs 14,027 crore by selling 58.26 lakh policies.

The life insurance behemoth had a market share of 77.51 per cent alone, while 14 private players had 22.49 per cent collectively.

The private players grew premium collection by 162 per cent to Rs 4,069 crore from Rs 1,552 crore during the corresponding period last year.

ICICI Prudential led the private players pack after it collected Rs 1,157 crore by logging 149 per cent growth in premium collection and cornering a market pie of 6.39 per cent.

Bajaj Allianz Life Insurance was at the second rank among private insurers. Bajaj Allianz grew business by 205 per cent to mop up Rs 834 crore in premium and a market share of 4.6 per cent.